North Carolina Down Payment Support Programs

Online Merchant account - These systems would be the Down Payment Assistance Program and the Mortgage Credit Certificate.

Also you purchase a property between January 1, 2009 and December 1, 2009 and should you qualify for one of these plans, you can even qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a first-time Home Buyer? A first-time Home Buyer is someone who hasn't owned a house within the past three years. That is precisely the same qualifying definition.

What is a Mortgage Credit Certificate and Who Qualifies?

If you qualify for the MCC, you'll be able to claim 20% of the interest you pay as a credit in your federal income taxes on your own mortgage. You can save up to .

Should you qualify for 2009, for the MCC, you will manage to combine this with the $8,000 tax credit. This may reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Household income is defined as the “gross income of the mortgagor and every other individual anticipated to live in the dwelling who's 18 years of age or older.”

The income and house price limits that apply in Durham Orange and Chatham Counties are listed below.

MCC Income Limitations 1 Person $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Individuals $70,500

MCC Sales Cost Limits New Home $220,000 Existing Dwelling $210,000

Who Qualifies for Down Payment Help?

Home buyers that want help with their deposit and closing costs might be able to get down payment assistance - or, to put it differently, interest-free, deferred second mortgages up to $8,000. The buyer only needs to pay $1,000 of their own funds and the load would pay up to $8,000 of the remaining balance.

This program has stricter income limitations than the MCC program outlined above. Like the MCC application, it can be used along with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment help, nonetheless, cannot be employed together with all the MCC. That is an either or scenario.

House price limitations that apply in Orange, Durham and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Men $45,650 3 Persons $51,350 4 Persons $57,050

Down Payment Support Sales Cost Limits New Home $210,000 Existing Dwelling $210,000